Adobe (NASDAQ:ADBE) Upgraded by StockNews.com to "Strong-Buy" Rating

Adobe (NASDAQ:ADBE - Get Free Report) was upgraded by StockNews.com from a "buy" rating to a "strong-buy" rating in a report issued on Tuesday.

Several other brokerages also recently weighed in on ADBE. Citigroup dropped their price objective on Adobe from $616.00 to $590.00 and set a "neutral" rating for the company in a research report on Monday, December 9th. Stifel Nicolaus dropped their target price on shares of Adobe from $650.00 to $600.00 and set a "buy" rating for the company in a report on Thursday, December 12th. DA Davidson decreased their price target on shares of Adobe from $685.00 to $625.00 and set a "buy" rating on the stock in a report on Thursday, December 12th. Oppenheimer dropped their price objective on shares of Adobe from $625.00 to $600.00 and set an "outperform" rating for the company in a research note on Thursday, December 12th. Finally, Piper Sandler decreased their target price on shares of Adobe from $635.00 to $600.00 and set an "overweight" rating on the stock in a research note on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $573.00.

Adobe Stock Performance

ADBE stock traded down $1.25 during mid-day trading on Tuesday, hitting $441.59. 1,438,975 shares of the company were exchanged, compared to its average volume of 3,911,509. Adobe has a 1-year low of $403.75 and a 1-year high of $638.25. The business has a 50 day simple moving average of $465.79 and a 200-day simple moving average of $505.60. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $192.23 billion, a PE ratio of 35.60, a price-to-earnings-growth ratio of 2.12 and a beta of 1.31.

Adobe (NASDAQ:ADBE - Get Free Report) last released its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating analysts' consensus estimates of $4.67 by $0.14. The firm had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company's revenue was up 11.1% compared to the same quarter last year. During the same period in the prior year, the company posted $3.52 EPS. On average, equities analysts forecast that Adobe will post 16.65 earnings per share for the current year.

Insider Activity at Adobe

In related news, EVP Scott Belsky sold 922 shares of the company's stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $437.28, for a total value of $403,172.16. Following the sale, the executive vice president now owns 22,153 shares in the company, valued at $9,687,063.84. This represents a 4.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Amy Banse sold 606 shares of Adobe stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the transaction, the director now owns 32,929 shares of the company's stock, valued at $18,110,950. This trade represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,681 shares of company stock valued at $2,525,126 in the last three months. Corporate insiders own 0.15% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of ADBE. Piscataqua Savings Bank boosted its holdings in Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company's stock worth $25,000 after acquiring an additional 34 shares during the last quarter. Legacy Investment Solutions LLC purchased a new position in Adobe during the third quarter worth about $26,000. Groupama Asset Managment grew its position in Adobe by 28.8% in the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company's stock worth $27,000 after purchasing an additional 11,522 shares in the last quarter. MidAtlantic Capital Management Inc. purchased a new stake in Adobe in the 3rd quarter valued at about $30,000. Finally, True Wealth Design LLC lifted its position in shares of Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company's stock worth $30,000 after buying an additional 34 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Adobe Company Profile

Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.